Setup Early Direct Deposit
Direct deposit is a convenient way to deposit your paycheck directly into your bank account. You can initiate it with your employer, but sometimes the process can be more complicated than it needs to be—this guide on how to set up 2 days early direct deposit for your account.
Create a direct deposit online through your bank
The first step to setting up early direct deposit is to visit your bank’s website and log in to your account. After signing in, go to the “deposit” section of your banking portal and look for the option “direct deposit.” On this page, fill out the form as it asks for information about who will be receiving money from you, how much money is coming in each month and make sure that everything looks correct before submitting it.
Contact payroll to initiate direct deposit
Payroll direct deposit is an excellent way to get your paycheck directly deposited into your bank account. This feature helps you save time and money by eliminating the need for you to spend hours at the post office or business center in town. It also makes it easy for your employer to pay its employees because all they need to do is ensure that routes are set up with their banks, which will send out funds on time.
To use this feature, you first need to contact the payroll department at work. Then, they will give you information on how much money should be deposited into your account each month and what kind of paperwork needs to be completed before they can set up the direct deposit option from their end.
Create a New Account (optional)
If you still need to get an existing account or if one of your existing bank accounts doesn’t support direct deposit, the app can help you create a new one. The process is straightforward: select “Add Account” and follow the prompts.
Complete Your Direct Deposit Form
It’s essential to complete your direct deposit form accurately. The bank will use this information to deposit your paycheck into your account. To ensure they have the correct routing and account number, remember to check with your employer first! If you need clarification on what information is needed on this form, contact a bank or credit union representative where you have chosen to open an account.
Add Your Bank Account Information Online
To add your bank account information online, you must provide the following information:
- Your routing number and account number.
- The name of the bank.
- The type of account (checking or savings).
- The name on the account.
- An address where you can be reached regarding this payment.
According to SoFi experts, “Members with direct deposit can earn 3.00% APY on their savings and Vault balances, and 2.50% APY on their checking balances.”
If you are one of the many people who is looking for faster and more effective ways to get paid, then early direct deposit might be suitable for you. While it’s a great way to get your paycheck on time and in one place, it can also be a good solution if your employer doesn’t offer direct deposit or if they do but still pay late sometimes.
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